Quiz: The Ultimate Non-profit Debt Consolidation Quiz
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The Ultimate Non-profit Debt Consolidation Quiz
By: Staff
Image: refer to hsw

About This Quiz

Being in debt can cause a lot of stress. The last thing you need is to get caught up in a scam while trying to find a debt consolidation service. There are ways to distinguish between the genuine services and the scams. See how many of them you know by taking this quiz.

1.0 of 10
How do debt consolidation companies manage your debts?

As the name implies, debt consolidators combine your debts into one large payment and will usually try and find you a low-interest loan to pay it off. They also provide financial counseling and can try to negotiate the amount of debt owed with your creditor.

2.0 of 10
If you are in debt and you receive a phone call from a debt consolidator what does it mean?

If you have received an unsolicited offer from a debt collector via phone or e-mail it is most likely a scam and you should hang up or delete it.

3.0 of 10
If you are with a legitimate debt consolidator, how long will it take you to wipe your debt?

Don't get your hopes up once you have signed up with a debt consolidator. Unfortunately, debts usually take years to wipe out, even when working with a professional company to clear them. If your debt consultant tells you the process will be instant, it is probably a scam.

4.0 of 10
What do you have to be careful of once you have a new loan to pay your debt?

Just because you have a new loan, you need to be sure you don't give into the temptation of spending more.

Your credit report may be effected if you use a debt consolidation service. Generally, debt consolidation services don't charge a fee, though some may charge a small fee.

Companies use the phrase "non-profit" because it gives consumers the impression that the company's priority is to look out for its client's best interests.

7.0 of 10
What sort of organizations are exempt from certain telemarketing laws?

Some companies use the phrase "non-profit" so that they can appear to be a charity and therefore be exempt from certain telemarketing laws.

8.0 of 10
What sort of organizations do businesses like to affiliate themselves with in order to lure customers?

Businesses often use religious affiliations to gain your trust, but don't let that sway you. Do your research and choose wisely.

9.0 of 10
What service does the Better Business Bureau provide to consumers?

The Better Business Bureau keeps records on the reliability of businesses. This enables consumers to see the positive and negative experiences people have had with the business and make an informed decision before trusting someone with their money.

10.0 of 10
If you are searching online for the Better Business Bureau Web site, what do you need to be careful of while searching?

Watch your spelling when you type Better Business Bureau into the search engine. A spelling mistake can land you with a scam Web site. You are better off typing in the address directly: www.bbb.org

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